Relief for the shilling as local underwriters take on marine cargo insurance

A cargo ship offloads containers at Lamu Port. [File, Standard]

The directive for local underwriting of marine cargo imported into the country is expected to provide further relief to the shilling, as a section of insurance firms join forces to provide covers of up to Sh4 billion. 

The directive, which takes effect today (July 1), demands that every importer with marine cargo utilise the expertise of local underwriters. This is in line with the Finance Act, 2017 and consequent amendments to the Marine Insurance Act.